Judd Gregg: We’ll go bankrupt under Obama’s budget

posted at 1:00 pm on March 22, 2009 by Allahpundit

Man, when he said he’d be a bad fit for Team Barry, he wasn’t kidding. The whole clip’s worth watching but skip ahead to 4:40 if you only want the red meat. Tell us how you really feel, Judd. Left unmentioned in this discussion of mass bankruptcy: The new Obama proposal that might empower Treasury to “seize and wind down” struggling institutions. What could go wrong?

Oddly enough, he spends a solid minute or so earlier in the segment defending Geithner after having basically called him a liar just last week. Residual guilt over having left The One in the lurch at Commerce, maybe?

Blowback

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Fed shares don’t work that way. They’re not “controlling” — no voting rights, for example.

Banks are required to purchase shares to be member institutions, and any significant ownership stakes in those banks are required to be reported to the SEC.

I could go on, but I figure the orderlies are going to drag you away from the computer at some point.

DrSteve on March 22, 2009 at 9:48 PM

I never stated anything about voting rights, whether they vote or not they still have unconstitutional authority given to them by our government in direct violation of Article Section 8. They still provide the financial and structural backing it needs to regulate our economy, set interest rates, and tighten credit, as they are doing now. They make a tremendous amount on the interest they get from the American people.

You seem to infer that we actually have control over what they do, Dr, you need to call Alan Greenspan, I quote: “Well first of all, the Federal Reserve is an independent agency, and that means basically that there is no other agency of government that can overrule actions that we take” Now that is what you call independence.

I think all good people can agree that the Federal Reserve is unconstitutional and that we are all better off without it.

Oddly enough, he spends a solid minute or so earlier in the segment defending Geithner after having basically called him a liar just last week. Residual guilt over having left The One in the lurch at Commerce, maybe?

The other odd thing is he busts The One for knowing what his policies are doing, but doing it anyway… Then a minute later he (Gregg) is talking about getting together in a bipartisan way to fix things.

WTF!? Gregg, you essentially just pointed out that the Democrats aren’t stupid, but deliberately doing these things… and you think somehow you can work with them to fix something that they are deliberately doing?

The key fact no one can dispute… is that the Federal Reserve Bank is making both deals, and creating money, with no US Government oversight.

1 TRILLION dollars created without anyone signing off on it, or public debate…. when the Constitution CLEARLY states that only the US Congress may coin money.

This situation has been in effect for generations, but we finally have the perfect storm… both a serious situation, and the people at the Fed don’t seem to have a clue (and clearly failed in their oversight roll… which led to this situation in the first place).

What you seem to be saying is that Congress doesn’t have oversight over the Fed and the Fed doesn’t have oversight over Congress and they both are creating “funny money?”
Yet Congress is charged with oversight and at least covertly delegated their power to coin money to the Federal Reserve by the Federal Reserve Act.
Even if what you say is true, what do we ordinary citizens do about it?
We can’t fire Congress or the President yet and Bernanke isn’t going anywhere.
Former Fed Chair Greenspan has been very transparent and open about his time at the Fed so I’m not sure oversight would even be “helpful.”
You have a group of Congressmen who avowedly didn’t even read the 1,000 page Porkulus bill, yet Dodd and the Democrats apparently read the clauses about the AIG bonuses because the Republicans took them out and the Democrats put them back in.
This entire thing is a mess and the lesson to be learned is that the government should stay out of the economy no matter how dire it may look to Goldman Sachs execs who have wormed their way into Cabinet jobs who stand to gain from “saving” the situation, like Paulson, Geithner and Bernanke.
As for that trillion, as FDR used to say, “It’s money we owe only to ourselves.”
I dunno, these numbers are so huge they give me a headache and I have an MBA.
Bottom line is that the bailouts and the stimulus packages need to stop!
No more.
They’re obviously harming the economy far more profoundly than they’re helping.
(And if you need proof that there isn’t an international cartel controlling things, most other countries are having a harder time with this global depression than the USA and with far less wealth and resources than we have.)

Ken Blackwell didn’t “deliver Ohio to Bush.”
Bush won Ohio fair and square.
You are a Leftist troll.
I couldn’t care less who McLin is–you obviously have no basis to say “All Republicans in Ohio are corrupt!”

I think all good people can agree that the Federal Reserve is unconstitutional and that we are all better off without it.

True_King on March 22, 2009 at 11:12 PM

Maybe we’re free to agree on this idea, but good luck taking a case to the SCOTUS and winning it, which is what it would take to be “better off without it.”
Are you and your Paultard/Fellow tin foil hat wearers gonna bring a class action lawsuit against the U.S. Government and/or the Fed to make this happen?
We’ve been stuck with the Fed since 1913 and not coincidentally the IRS,too, and it doesn’t look as if either institution are going anywhere, but you’re free to b!tch about it.

Maybe we’re free to agree on this idea, but good luck taking a case to the SCOTUS and winning it, which is what it would take to be “better off without it.”
Are you and your Paultard/Fellow tin foil hat wearers gonna bring a class action lawsuit against the U.S. Government and/or the Fed to make this happen?
We’ve been stuck with the Fed since 1913 and not coincidentally the IRS,too, and it doesn’t look as if either institution are going anywhere, but you’re free to b!tch about it.

Jenfidel on March 23, 2009 at 12:43 AM

Lol. Ok, you realize that JFK signed executive order 11110 that would have given the power to coin back to the US. He did this on June 4 1963. Unfortunately he was assassinated before it could be implemented. That’s another fact you can conveniently ignore. Also, do you expect to win elections by turning people away with your name calling? You do your party no favors.

They’re obviously harming the economy far more profoundly than they’re helping.
(And if you need proof that there isn’t an international cartel controlling things, most other countries are having a harder time with this global depression than the USA and with far less wealth and resources than we have.)

Jenfidel on March 23, 2009 at 12:30 AM

The cartel is a known fact. Have you never done any research on this subject? If you would simply stop listening to John McCain’s marching orders and started thinking as a free person instead of an automated Republican robot then you could allow yourself to see what is before your eyes. Next thing you’ll be denying is that the Bohemian Grove doesn’t exist. Wake Up!

How many times do the international bankers have to inflate and then deflate economies for you to take notice. They are doing it to you country now and your completely distracted by the AIG non scandal. Your playing right into their hands. You have become their puppet.

Just look at us now, we are issuing our own debt because no other nation will buy our debt. You have to look beyond the parties to see what is before your eyes. When you do that then you will be able to truly fight evil instead of unknowingly doing its will.

Did you even check out who Carroll Quigley was? It’s easy to dismiss me but since your so enamored with credentials I figured you would at least listen to him. All I’m saying is just to check him out. Read his two classic works. In Clinton’s first inaugural he named him as his mentor. Clinton is well aware of the secret order, as was his mentor Professor Quigley. Here’s a quote of his.

“The powers of financial capitalism had a far-reaching plan, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole…Their secret is that they have annexed from governments, monarchies, and republics the power to create the world’s money…” – Prof. Carroll Quigley, renowned, late Georgetown macro-historian (mentioned by former President Clinton in his first nomination acceptance speech), author of Tragedy & Hope: A History of the World in Our Time.

On behalf of my generation, let me point out that we simply will not pay for it. If that means social security gets cut for the baby boomers… Tough. They should have planned for their old age instead or relying upon us to foot their increasingly ridiculous bill.

I actually think the democrat plan is a little comical. They really just don’t see it coming.

He turned down the job really because of the coverup that is at play in the congress. They would have tarred and feathered him on the capitol steps if he squeeled. The democrats are covering up their mess that they have created and have shown their true colors. He didn’t want to be part of the problem, because they really don’t want the solution which is freeing governement spending and freeing up credit.

Buddy, I have NEVER listened to “John McCain’s marching orders!”
It might help if he gave some, but he never does.

Next thing you’ll be denying is that the Bohemian Grove doesn’t exist.

Now we know that you are a first class “troofer” loony!
Bohemian Grove?! BWAHAHAHAHAHA!!!

You have become their puppet.

I’m nobody’s puppet, but I certainly not going to be yours or Dr. Quigley’s!

When you do that then you will be able to truly fight evil instead of unknowingly doing its will.

To me, it is evil to suggest that our democratic republic, based on transparency to the American people, is run by a secret international cabal!

Wake up!

True_King on March 23, 2009 at 7:25 AM

How about shut up?
Don’t post about your lunatic Bircher theories again, please.
Gregg is trying to save this country from being delivered into the hands of the kind of cabal you’re so afraid of, only it’s the Marxist cartel of Obama, Bill Ayers, Jeremiah Wright and George Soros.

If you don’t know what this means, just ponder for a bit what would happen to our dollar if China and other countries in the world decided to get rid of the dollars they hold. Trillions would flow back into the US. The dollars in your bank account would be worth far less to the world.

Maybe when he joined the team, Gregg was hoping that Ogabe was a “centrist.”
When he found out he was a full-blown Socialist/Marxist, he knew that the
“quarterback” had to be sacked for the good of the whole stadium.